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Home My WebLink About0977 ~ : , 1 '.~J l,.},,,~~ UNIFO~M COVENANTS. Bortower and Lende~ coveoant and agra as follows: 1. hy~t ot hi~cipl s~i Ide~at. Borrower shall prornptly pay when due the principal ot and intercst o~ the ~ indebtedneu evide~ced by the Note, prepayment and late char~es u provided in the Note. and the principal ot and intercst on any Futurc Advances secured by this Mort~s~e. ' 2. Rrads for Tua ss~ Iawra~ce. Subject to applicabk law or to a writtee waiver by L.ender. Borrower shall pay to L.ender on Ihe day monthly inst~llments ot principal a~d interest arc payable unde~ the Note. until tht Note is paid in ful1. a:um (hercin ••Funds") equal to one-twelfth ot the yearly tsxa and assessme~ts which may attain priority over this Monja~e, and ground rents on the Propeny, iI any, plus ont•twelfth ot yeuiy prcmium installme~ls for huard insurance. plus one-twelfth of yearly premium inuallments tor moh~a~e insunnce, it any, :11 as rcuonably estimated ieitislly and from time to time by Lender on the basis ot assasments and bills and rcssonabk atimates tl~ereof. ~ The Funds shall be held in an institution the depoaits or accouots~of which are insured or `uarante~d by a Federal or state agency (including Leoder if Lende~ is such an institution). Lende~ shall apply the Funds to pay uid taxa. asseuments, _ ,insurance premiums and ~ound rcnts. Lender may not charge for so holding and applyina the Funds. analyzina said account. or vep[ying and compiling said assessn~nts and bills, unlas Lender pays Barrowe~ interat on the Funds and applicable law petmits Lender to make such ~ charge. Borrower and Lender may agree in writing at the.time of ezecution of this Mongage that interest on the Funds shall be paid to Borrower~ a~d uoless such agreement is made or applicabl~ law rcquires such intsrest to be paid. Lender shall noi be rcquired to pay Borrowe~ any interat or earnings on the Funds. l.e~der shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds wu madc. The Funds are pledged u additional security for the sums secured by this Mortgage. ~ lf the amount of the Funds held by Lender, together with the tuture monthly ins~allments of Funds payable prior to the due dates of taxa, ass~ssments, insurancs prcmiums and ground rents, shall exceed the amount requind to pay said taxa. assessme~ts, insurance premiums and g~ound rents as they fall due, si~ch excess shall be, at Borrower s option, either promptly repaid to Bormwer or credited to Borrower on monthly installmen~s of Funds. If the amount ot the Funds held by Lender shall not be suRicient to pay taxa, assessments, insurance premiums and gmund rents u tfiey fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days trom Ihe date notice is mailed by Lender to Borrower rcquesting payment thereof. , Upon payment in full of all sums securcd by this Mortgage. I.ender shall promptly rcfund to Borrower any Funds held by Lender. It under paragraph 18 hercof the Property is sold or thc Property is otheniviu acquired by Lender, Lender shall apply, no later thao immediately prior to the sale of the Property or iis acquisition by Lender. a~y Funds held by Lender at the time of application as a crcdit against the sums secured by th~s Mortgage. 3. Applkation of Paymeds. Unless applicable law proviJes othenvise. all payments received by Lender under the Note and paragraphs ! and 2 hereot shall be applicd by l.ender firxt in payment of amounts payable to Lender by Borrower under paragraph 2 her+eof. then to inlerest payabk on the No~e, then.~o the principal of the Note, and then to intercst and principal on any Future Advances. 4. Chtrta; Lkns. Borrower shall pay all taxes, aueuments and other charges. 6nes and impositions attributable to the Property which may attain a priority over this' Mortgage, and lessehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ~ payee thereof. Borrower shall promp~ty furnish to Lender all notices of amounts due under this paragraph, and in the event , Borrower shall make payment directly, Borrower shall promptly tumish to Lender receipts evidencing such payments. Bqrrower shal) prompdy discharge any lien v?•hich has prioriry over this Mortgage; provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatian secured by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by. or defend enforcement of such lien in. legal proceedings which operate to prevent ihe enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazsrd lasursnce. Borrower shall.keep the improvements now existing or hereafter erected on the Property insured against loss by firc, hazards included within the term "extended covec,~ge", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ' such coverage ezceed that amount of coverage rcquired to pay the sums secured by ~his Mortgage. ~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, ! that such approval shall not be unreuonably withheld. All premiums on insurance policia shall be paid in the manner E provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymont. when due, directly to the insurance curier. ~ All insurance policies and renewals thereof shall be in form accep~able to Lender and shall include a standard mortgage t clause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policies and renewals thereof, . and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. ln the event of loss. ~ Bonower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrowcr. Unless Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ' not thcreby impaircd. If such restoration or repair is not economically (easible or if the security of- this Mortgage would be impaired. {he insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to rapond to Lender within 30 days from the ° date notice is mailed by L.endec to Borrower that the insurance carrier offen to seule a claim for insurance benef~ts, Lender is authorized to collect and apply t6e insurance proceeds at Lender's option either to ratoration or repair of tbe Property or to the sums secured by this Mortgage. ~ Unless Lender and.Borrower otherwise agree in~writing, any such applica~ion of procetds to principal shall not extend ~ or postpone the due date of the monthly installments referrcd to in paragrophs 1 and 2 hereof or change the amount of ~ wch installments. !f under paragraph 18 hereof the Property is acquired by l.ender, alt right, title and interat of Borrower in and to any insurance policia and in and to the proceeds thereof raul~ing from damage to ttu Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this ~Mortgage immediatdy prior to such sale or acquisition. ~ 6. Preservatba aad Maintenaace of Property; Lesseholds; Condominiams; PlsnKed Udt Devclopments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of th~ Property ~ and shall comply with the provisioas of any kase if this Mortgage is on a leasehold. 1[ this Mortgage is on a unit in a ~ condominium or a planned unit devdopment, Borrower shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and rcgulations of the ~ condominium or planued unit development. and constituent. documems. I[ a condominium or planned unit development ~ rider is executcd by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider ' shall be incorporated iato and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. ~ 7. holec8oa of Leoder's Secoritr. If Borrower fails to perform the covenants and agreements coniained in this ~ Mortgage, or if any action or proceeding is commenced which materially aRects Lender i interat in ihe Property. ~ including, but not limited to, eminent_ domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Leader's option, upon notice to Borrower. may make such appeannca, disburse such ~ sums and take such action u is necessuy to protect Lender s interest, including, but not limited to, disbucxment of reasonabk attomey's fees and entry upon the Property to make re ai . 1t Lender requircd mortga~e insurance as a candition of making the loan secured by thi: Mort6age,; ~~R~~ pay the premiums required ~to maintain wch ia:unnce in eHect until such time u the requiretnent for such insurance terminata in acxordana with Botrower's and ~ ' - ~ ~35 9?6 x • gl~~ ~ y ~ , ~z - - _ _ . r. ~